It has been announced today that Drake & Morgan, the bar and restaurant group, backed by mid-market private equity firm, Bowmark Capital, has acquired Corney & Barrow Bars Limited for an undisclosed sum.
Corney & Barrow Bars launched as a City-based collection of premium wine bars in 1983. The group operates 11 bars – ten under the C&B name and the destination bar and restaurant, Devonshire Terrace.
The historical Corney & Barrow wine merchant business will continue to operate independently under the direction of chairman Percy Weatherall and Managing Director Adam Brett-Smith. Corney & Barrow dates back 230 years and is one of the longest established independent wine merchants in the UK and a holder of two Royal Warrants. Drake & Morgan will continue to work with Corney & Barrow as one of its preferred wine suppliers.
Jillian Maclean, MD of Drake & Morgan commented:
“The acquisition strengthens our presence in the City and we look forward to working more closely with the Corney & Barrow Wine Merchant business, introducing their fantastic portfolio of wines across the Drake & Morgan estate”.
Percy Weatherall, Chairman, Corney & Barrow said:
“We are delighted that Drake & Morgan has acquired our wine bar business and we look forward to a continued and productive relationship as we work with the group to build its wine offering”.
The acquisition forms part of Drake & Morgan’s strategy to build a significant, multi-brand bar and restaurant portfolio in London and regionally. The next 12 months will see Drake & Morgan add another five sites to the current nine-strong group with openings planned at Heathrow T4, Spinningfields and One St Peters Square, both in Manchester, Edinburgh and London’s West India Quay. With the acquisition of Corney & Barrow the portfolio will have increased to at least 25 sites by end 2017.